Impossible To Reduce Prices Due To The Current Market Instability - Retailers

Retailers say it will not be impossible to keep the prices of goods stable in the current economic environment which is characterised by rising costs of production.

Confederation of Zimbabwe Retailers Association (CZRA) president Mr Denford Mutashu said:

Under the current environment, it is a delicate situation as cost drivers are not letting up.

The hyperinflationary pressure is standing in between a noble intention and implementation.

The foreign currency situation has not favoured doing business.

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If at all the major focus currently is to stabilise supply before moving to price stabilisation.

Supply of sugar, subsidized mealie meal etcetera demands more attention.

Government through the Ministry of Industry and Commerce last month held a multi-sectoral meeting with various stakeholders and agreed to a price moratorium and that shops should revert to March 25 prices.

The stakeholders included the Grain Millers Association of Zimbabwe, Consumer Council of Zimbabwe, CZR, National Bakers Association of Zimbabwe, Oil Expressors, Association of Zimbabwe, National Foods and Zimbabwe Sugar Sales.

However, prices have increased twofold since the agreement was reached.

More: Chronicle